Should you start your own ‘Monopoly Project’? Should you start acquiring rental properties? In this series we examine ways to start your own “Monopoly Project”.

In our first post of this series, we explained by the first thing you should do is to get into shape – Financial Shape. We used Dave Ramsey’s first 4 of “Seven Baby Steps” as a starting point to decent financial shape.

In last month’s post, ‘Start Your Own Monopoly Project – Step 2: Our Way’. We explained how and why we started.

This month we will explain a method you SHOULD NEVER USE: Real estate gurus who “teach” you how to get rich; for a price. This is the method you see advertised by real estate gurus who sell classes and methods and materials and advice.

In our ‘TheMonopololyProject Floating Book’ reviews, I start out on TheMonopolyProject yacht and always make the joke that “it’s the bikini girls’ day off”.

I’m playing off the reals estate gurus who offer to teach you how to buy real estate with no money down and quickly become a millionaire. Here’s one of the most infamous: Tom Vu and his bikini girls:

I do not have time to review all the false gurus out there. You (and I) can spend literally hours looking and listening since it is so entertaining. I will leave the debunking to one real estate guru I do recommend: John T Reed:

“They’re not interested in what’s the best way to invest in real estate, they’re interested in what’s the best way to get you to take your credit card out of your pocket. [0:33 seconds into video]”

John reviews almost all existing and deceased real estate gurus, good and mostly bad, in his comprehensive list. It is huge! Why do I say “huge”? Because he also reviews the pre-2016 Donald J Trump’s books and advice on real estate.

While I do not agree with Harvard MBA John T. Reed on everything he says, I do recommend him and his books on real estate and sports coaching.

So why do these gurus almost universally teach OPM (other people’s money) strategies? Because most people do not have any savings.

“New data from GOBankingRates, however, reveals that 69% of Americans have less than $1,000 in savings.”

“Fifty-seven percent of Americans don’t have enough cash to cover a $500 unexpected expense,”

The false guru’s method must involve using OPM because the target audience does not have the down payment to buy real estate. To get them to pay for the seminar, the guru must overcome the lack of down payment issue. Hence, they pitch an OPM strategy. As John T. Reed says the false real estate gurus convince you that “You’re going to take my seminar tonight; two weeks from now you’re gonna go to closing [and] put $50,000 in your pocket…”

It doesn’t work that way. Save your money. Don’t buy these scams. You can get better information at the library for free. Read John T. Reed’s books or continue reading TheMonopolyProject.